Swift Platform Evolution:
Release 1 of transaction
management capabilities
Info sheetFeatures
Supports the Swift banking
community in their adoption ofISO 20022 for payments.
Enables interoperability between
ISO 20022 early and later adopters(working alongside the In-flow
Translation service).
Helps to overcome potential
truncation frictions during theISO 20022 CBPR+ coexistence
period by improving end-to-end
transaction integrity.
Captures rich data and maintains
the full transaction copy centrally.
All parties involved can access thepreserved data.
Data integrity will be maintainedusing community-defined businessrules for specific fields.
Swift will automatically route traffic
through transaction management,so customers don’t need to connect
or subscribe to the platform.
Benefits
Minimises operational impact of
ISO 20022 on banks.
Transaction integrity, dataenrichment and centrally-held data.
Can help banks detect and deter
financial crime.
Assists in the application of bestpractices including a move to a‘gold standard’ for data.
Accelerates realisation of thebenefits of ISO 20022 for payments.
In the future, integration of sharedservices (such as compliancechecks, anomaly detection andcase management) will enable
faster processing and total costof ownership reduction.

57553 – August 2023

What is Transaction Management?
The Swift platform is evolving toenable instant, frictionless payments,globally. This platform unlocks huge
opportunities for our community of over
11,500 institutions by supporting faster,
more reliable transactions and better,richer data. As part of this, institutions
can also seek to fully realise the benefitsof adopting ISO 20022 for cross-border
payments and reporting (CBPR+).
As a key part of the platform’s new
functionality, the introduction of atransaction management capability
ensures that full transaction data
is maintained centrally. Transaction
management significantly improves
the correspondent banking customer
experience, ensuring that no data
is lost, corrupted or overwritten
during the transaction lifecycle byapplying business validation anddata integrity rules.

Supporting our community
The enhancement of our platform andintroduction of transaction management
helps support our community on their
ISO 20022 for payments adoption
journey. The platform ensuresinteroperability between users ofdifferent data formats and connectivity
channels, allowing financial institutions
to take this journey at their own pace.
In the future, it will also pave the way
for customers to access value-added
services that help make transactions
instant and frictionless.
Messages in scope for Release 1*– pacs.008– pacs.009 (inc. COV)
– MT 103 (inc. MT 103 STP ex MT103 REMIT)– MT 202 / 205 (inc. COV)
Note: Other FIN message types, otherFINplus messages, messages to/from
market infrastructures and corporate bankflows are not in-scope.
*Message eligibility depends on validation
for processing by the Swift platform’stransaction management capability.

Future enhancements– Additional business flows.
– New channels to enable further interoperability.
– Value-added services to improve end-toend efficiency and reduce friction in thepayment chain.

How transaction management
can help you
The transaction management capability
maintains a shared and definitive copyof transaction data. Community-agreed
integrity rules ensure that importantbusiness information is maintained end
to end, and not truncated, overwritten,
lost or corrupted as the transaction
progresses through its lifecycle.
In the first release, the transaction
management capability ensuresthat complete rich ISO 20022 data isshared end to end with all institutionsin the payment process. Transaction
management is integrated with ourIn-flow Translation service, allowing
institutions that are not yet ready for
ISO 20022 to receive transactions in
the familiar MT format for back-officeprocessing. This combination ensuresthe data benefits of ISO 20022 canbe realised while maintaining fullinteroperability between early andlater adopters of the standard.

Accessing the enhanced
Swift platform
Provided you have completed themandatory upgrades required for ISO
20022 for payments, you won’t need todo anything else to use the enhanced
Swift platform. Transaction management
processing started in May 2023 withtransactions that contain rich ISO 20022
data. We’ll gradually build up to all ISO
20022-originated transactions by theend of Q3 2023. Institutions can viewfull details of transactions that they
participate in from the gpi or
Basic Tracker.
Note: Some configuration of user roles will
be required, and Basic Tracker users will berequired to connect using WebAccess,rather than swift.com.

For more information, Please visit theTransaction Manager support pagefor more information.